Cleaning & Restoration Breaking News

US 30-yr mortgages under 6 pct for record 7th week

February 6, 2003
/ Print / Reprints /
/ Text Size+
WASHINGTON, Feb 6 (Reuters) - U.S. 30-year mortgage rates stayed under 6 percent for a record seventh straight week, No. 2 U.S. mortgage finance company Freddie Mac said on Thursday in its latest survey.

U.S. 30-year mortgage rates stood at an average 5.88 percent in the week ended Feb. 7, an unprecedented seventh straight week under 6 percent on Freddie Mac records going back to 1971. Thirty-year mortgages averaged 5.90 percent in the previous week.

Fifteen-year mortgages stood at an average 5.27 percent in the week compared with 5.28 percent the previous week, it said.

One-year adjustable rate mortgages (ARM) were unchanged for the week, remaining at a record low average of 3.89 percent.

"Mortgage rates are in a holding pattern right now as the country tries to smooth out the knots in the economy," Frank Nothaft, Freddie Mac chief economist, said in a statement.

"Not only did we see record home sales and the national home ownership rate peak to an all-time high of 68.3 percent last year, but 2003 is shaping up to be equally as strong," he said.

On Monday, the National Association of Realtors said its U.S. Housing Affordability Index for the fourth quarter of 2002 rose to 140.7 from 135.9 in the third quarter.

Did you enjoy this article? Click here to subscribe to i Cleaning Specialist Magazine.

You must login or register in order to post a comment.



Image Galleries

The 2014 Experience Conference and Exhibition

A look in photos at the 2014 Experience Conference and Exhibition, which was held from April 24-26 at the Embassy Suites Convention Center and Spa in Frisco, Texas.


Have a limited marketing budget but realize the importance of neighborhood marketing? Try doorknob hangers, a low-cost, yet highly effective way to drum up more business. In this episode, John Braun discusses the value of this tactic as well as what you should include on the materials you're hanging.
More Podcasts

ICS Cleaning Specialist Magazine


2014 September

The September issue of ICS features stories on moisture detection, disinfectant services, neighborhood marketing, then we discuss the last level of being phenomenal, and cool products.

Table Of Contents Subscribe

Janitorial Work

In addition to residential and commercial carpet cleaning, do you do any janitorial work on the side?
View Results Poll Archive


Get Paid! book cover
Get Paid! (ebook)
Over 30 authors – over 40 articles…from attorneys, contractors, consultants, instructors and others, both inside and outside the restoration industry. R & R, C & R and Cleanfax, opened their archives and gave us the best they had, other chapters were created just for the “Get Paid!” book and its readers. And every one of them has ideas for how to get paid what you are owed.

More Products


Director_Buyer.jpgThe premier resource and reference guide for the cleaning and restoration industries.

Click here to view


Truckmount.jpgEquipment listings and specifications from the leading industry manufacturers.

Click here to view


facebook_40.png twitter_40px.png youtube_40px.pngcrc logo